Loss of Personal Belongings Add-On in Car Insurance

What is Loss of Personal Belongings Add-On Cover

Loss of personal belongings add-on cover provides financial protection against the valuable items left inside the insured car at the time of theft or damage. With this add-on, you can get compensation up to the insured amount of your car insurance policy. This helps to lower the financial stress, as it can be costly to replace or repair electronic items.

Loss of personal belongings add-on cover can be theft-specific or damage-specific for the insured car.

Benefits of Loss of Personal Belongings Add-On in Car Insurance

Here are some benefits of the loss of personal belongings add-on cover:

• Financial Protection: It covers the cost of stolen or damaged personal items like phones, laptops, or bags kept inside the insured car.
• Reduced Out-of-Pocket Expenses: Replacing electronic devices or valuables can be expensive. This add-on helps to reduce that financial burden.
• Peace of Mind: Knowing your personal belongings are covered provides extra confidence while travelling or parking your car in public areas.
• Coverage Beyond Standard Policies: This add-on fills that gap, as regular car insurance does not usually cover personal items.

Inclusions of Loss of Personal Belongings Add-On in Car Insurance in India

Expenses related to the damage of the personal belongings due to any of the following reasons are covered:

• Theft and fire
• Riot and strike
• Natural calamities
• Terrorist activity
• Transit by road damage
• Accidental damage

Exclusions of Loss of Personal Belongings Add-On

Some of the exclusions of the loss of personal belongings add-on are as follows:

• Damage due to the driver’s carelessness
• Items not owned by the policyholder
• Incomplete document of the car
• Fraud and unacceptable claims
• Claim for the borrowed property
• If the theft is not reported within 24 hours of the incident.
• Damage to paintings, jewellery, goods for trade, debit or credit card.

Documents Required to Claim for Loss of Personal Belongings Add-On

Follow the given steps to claim for loss of personal belongings add-on:

• Copy of FIR (First Information Report)
• Invoice for the stolen asset.
• Claim form, signed and filled
• Any other requested document

How to Claim for Loss of Personal Belongings Add-On Cover?

Here are the steps on how you can file a claim for this add-on in car insurance:

1. Inform Your Insurer Quickly

Contact your insurance company immediately. Most insurers need you to report the incident within 24 hours.

2. File a Police Report

Visit the nearest police station to file a First Information Report (FIR) for the stolen or damaged items. Keep a copy to submit with your claim and inform the nearest RTO (Regional Transport Office) about the theft.

3. Submit All Required Documents

Check what documents are needed and submit them to the insurer.

Claim Calculation for Loss of Personal Belongings Add-On in Car Insurance

The insurer will provide the depreciated value of the laptop, not the original invoice amount. This is calculated based on the following table:

Conclusion

The Loss of Personal Belongings Add-On is a smart extra cover that gives you added protection when you buy car insurance. It helps you recover the cost of valuable items like phones, laptops, or wallets if they are lost or stolen from your car.

It may seem like a small add-on, but it protects you from big expenses and stress in the future. So, if you often carry personal items in your car, this cover is worth considering for your peace of mind. Buy a suitable car insurance policy with loss of personal belongings add-on cover, and enjoy your rides stress-free.